Most Popular Smart Contracts
If
Blockchain is the biggest revolution that the world is talking about, then
smart contracts are the key contributors to the same. These are the new world
of the digital revolution, which are bringing with them a completely new way of
executing agreements. Smart contracts are revolutionary tools. These are
pre-programmed digital contracts run on Blockchain
platforms. They are known to have pre-decided terms and
conditions, and the execution takes place once the conditions are met. Since
there is no third-party involvement, they save a lot of money and time. These
have the power to improve the existing solution without any threat to the legal
system.
There are a number of smart contracts that are currently working,
but here we will be highlighting five popular ones.
Best 5 Smart Contract Platforms:
1.
Ethereum — It is an open-source platform that is not only a cryptocurrency but
also offers a platform for decentralized application development of dApps. It
is the world’s leading smart contract platform and is the best choice for many
developers. The platform first surfaced in the year 2015, and since then, there
has been no looking back. It facilitates smart contracts and ICOs. It has clear
and defining protocols and rules, which makes its use easier for developers.
Key features:
- · Free to setup
- · ERC-20 token
- · It has its own programming language or Solidity
- · Clear standards for developers
- · Lots of supporting literature
Drawbacks :
- · Overloaded network
- · Expensive than other platforms
- · Security issues with Ethereum code
Hyperledger Fabric-
Another
entrant to our list of popular smart contracts is the Hyperledger fabric. The
project was started by Linux Foundation in the year 2016. It was developed to
provide enterprise solutions to businesses looking for a safe Blockchain
platform for transactions. It supports the development of Blockchain-based
distributed ledgers.
Key Features:
- Open-source
- Free to use
- Permissioned Blockchain
- Supported by IBM
- Coding of contracts in different languages
- Reliable
- Supports plug-in components
Drawbacks :
·
No token system
Nem-
Founded on March 31st, 2015, this is written in Java
Key features:
Easy to use
No platform-specific programming language requirement
Excellent performance
Drawbacks :
- Smaller development community
- Lesser tools available
- It uses code off the Blockchain thus making it decentralized
Stellar-
This is one of the oldest smart contract
platforms that was founded in the year 2014. It is
governed by the Stellar Development Foundation.
Key features:
- Best for ICOs
- Inexpensive
- Good performance
- Accepted by the industry
Drawbacks :
·
Not suitable for complex smart contracts
Wave-
Wave was launched in 2016. It is an open0source platform that aims to address
the barriers that are present in the mainstream blockchain implementation like
speed and scalability.
Key Features
Good for ICOs
Requires little knowledge to create tokens
Overcomes the barriers of speed and scalability that are present in the
conventional Blockchain system
Disadvantages
·
Not one of the versatile platforms
These
are some of the many smart contract platforms that are there in operations.
Smart contracts are going to be the future, and if you too are willing to make
a career in the same, then you must know about smart contracts development. For
more information on this, you must join the Blockchain
certification course offered by Blockchain Council.
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